Trading Statement

Standard Bank Group Limited

28 February 2024

 

Standard Bank Group Limited

28 February 2024

Trading statement for the year ended 31 December 2023

Standard Bank is currently in the process of finalising the group's results for the year ended 31 December 2023 (FY23). In accordance with section 3.4(b) of the Listings Requirements of the JSE Limited, shareholders are advised that Standard Bank is satisfied that a reasonable degree of certainty exists with regards to the group's financial results for FY23. The group's headline earnings per share (HEPS) and earnings per share (EPS) for FY23 are expected to be higher than the reported HEPS and EPS for the year ended 31 December 2022 (FY22), translating into:

	FY22	Range	FY23 range
HEPS	2 050.4	23% - 28% higher than FY22	2 522.0	2 624.5
EPS	2 074.1	25% - 30% higher than FY22	2 592.6	2 696.3

FY23 Results

Standard Bank will release results for FY23 on 14 March 2024. Details regarding the presentation are available on the group's Investor Relations website - https://www.standardbank.com/sbg/standard-bank-group/investor-relations

During the finalisation of the group's results, the group amended the methodology for recognising interest on Stage 3 loans. This change resulted in an increase in net interest income and an equal and opposite increase in credit impairment charges. There is no impact on HEPS or EPS. Furthermore, this change has no impact on gross loans and advances, balance sheet provisions or coverage. The change has been applied retrospectively to the 2022 financial year and the related ratios have been restated as follows:

2022	As reported	Adjustment	Restated
Net interest margin, basis points	425	7	432
Credit loss ratio, basis points	75	8	83
Cost-to-income ratio, %	54.4	0.5	53.9

This amendment will also result in a change in the related figures and ratios in 2023. Accordingly, the FY23 net interest margin and credit loss ratio will be higher than previously guided.

Shareholders are advised that the information contained in this announcement has not been reviewed or reported on by the group's auditors.

For further information, please contact:

Marc Hearn

Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: [phone]

DISCLAIMER

This Announcement is not intended to, and shall not, constitute or contain an offer to sell or solicitation of an offer to purchase the securities referred to herein by any person in any jurisdiction where it is unlawful to make an offer or solicitation. The distribution of the Announcement and the offer or sale of the securities referred to herein in certain jurisdictions is restricted by law. This Announcement may not be used for or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstance in which such offer or solicitation is not authorised or is unlawful.

In the United Kingdom, this Announcement is being distributed only to, and is directed only at, persons who are (i) investment professionals, as such term is defined in Article 19(5) of the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order); (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order; (iii) outside the United Kingdom; or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of the securities in the United States.

Your right to access this service is conditional upon complying with the above requirement.

 

END